After upgrading I had the issue where rancid-run exited straight away after launching. As a result no system configurations were collected. The following is seen in the latest log file in the var/logs directory:
starting: Wed Oct 29 12:30:15 GMT 2014
ending: Wed Oct 29 12:30:15 GMT 2014
It turns out that in version 3 the delimiter in the router.db has changed from a colon : to a semi-colon ;. This is to avoid problems with IPv6 addresses. More here.
Old format of router.db: